This round of adjustment is not just a matter of the 'cryptocurrency circle', but a result of the global capital chain linkage. The enthusiasm for ETFs has declined, with institutional attitudes shifting from aggressive to cautious. Although there is a slight inflow into ETFs, the overall enthusiasm has significantly weakened. Institutions have transitioned from 'blindly increasing positions' to 'refined risk control', and the market structure has shifted from aggressive to conservative. Macro funds are beginning to reassess the risks associated with crypto assets. Crypto companies and holding enterprises are under pressure, and the risks are spreading beyond the chain. Some companies are facing increased pressure from financial reports due to asset shrinkage, and market fluctuations outside the chain have intensified. Crypto assets are no longer independent; they have deeply integrated into the global financial system. $BTC $ETH

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